Spark Investment Management LLC Purchase Holding in HNI Corp (HNI)

Spark Investment Management LLC Purchase Holding in HNI Corp (HNI)

Spark Investment Management LLC bought a new stake in shares of HNI Corp (NYSE:HNI) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 43,100 shares of the business services provider’s stock, valued at approximately $1,986,000.

Several other hedge funds have also made changes to their positions in HNI. Louisiana State Employees Retirement System increased its stake in shares of HNI Corp by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the business services provider’s stock valued at $512,000 after buying an additional 100 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of HNI Corp by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 15,514 shares of the business services provider’s stock valued at $715,000 after buying an additional 200 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in shares of HNI Corp by 3.1% in the first quarter. Great West Life Assurance Co. Can now owns 26,163 shares of the business services provider’s stock valued at $1,205,000 after buying an additional 791 shares in the last quarter. Swiss National Bank increased its stake in shares of HNI Corp by 1.4% in the first quarter. Swiss National Bank now owns 73,100 shares of the business services provider’s stock valued at $3,369,000 after buying an additional 1,000 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in shares of HNI Corp by 27.2% in the first quarter. Bank of Montreal Can now owns 4,819 shares of the business services provider’s stock valued at $222,000 after buying an additional 1,030 shares in the last quarter. Institutional investors own 67.13% of the company’s stock.

Shares of HNI Corp (HNI) traded up 0.78% during trading on Friday, hitting $45.29. 271,600 shares of the stock traded hands. The company has a market cap of $2.00 billion, a PE ratio of 26.19 and a beta of 1.44. The firm has a 50 day moving average price of $44.76 and a 200-day moving average price of $48.54. HNI Corp has a one year low of $37.24 and a one year high of $56.96.

HNI Corp (NYSE:HNI) last posted its quarterly earnings data on Wednesday, April 19th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. HNI Corp had a net margin of 3.88% and a return on equity of 23.75%. The company had revenue of $477.70 million for the quarter, compared to the consensus estimate of $470.07 million. During the same quarter in the previous year, the firm posted $0.31 EPS. The business’s revenue was down 4.7% compared to the same quarter last year. Analysts anticipate that HNI Corp will post $2.97 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Friday, May 19th were paid a $0.285 dividend. The ex-dividend date of this dividend was Wednesday, May 17th. This represents a $1.14 dividend on an annualized basis and a yield of 2.52%. This is a boost from HNI Corp’s previous quarterly dividend of $0.28. HNI Corp’s payout ratio is presently 58.51%.

Several analysts have recently weighed in on the company. Zacks Investment Research downgraded HNI Corp from a “hold” rating to a “sell” rating in a research note on Monday, April 24th. Sidoti upgraded HNI Corp from a “neutral” rating to a “buy” rating in a research note on Tuesday, February 28th. Finally, Off Wall Street reaffirmed a “strong sell” rating and set a $35.00 price target on shares of HNI Corp in a research report on Tuesday, February 7th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $47.00.

In related news, VP Steven M. Bradford sold 31,745 shares of the company’s stock in a transaction dated Monday, March 20th. The shares were sold at an average price of $45.49, for a total value of $1,444,080.05. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Stanley A. Askren sold 11,264 shares of the company’s stock in a transaction dated Monday, April 17th. The shares were sold at an average price of $46.01, for a total transaction of $518,256.64. The disclosure for this sale can be found here. In the last three months, insiders sold 54,273 shares of company stock worth $2,481,921. 5.00% of the stock is currently owned by insiders.

About HNI Corp

HNI Corporation is a provider of office furniture and hearth products. The Company’s office furniture products include panel-based and freestanding furniture systems, seating, storage and tables. The Company’s segments include office furniture and hearth products. The office furniture segment manufactures and markets a line of metal and wood commercial and home office furniture, which includes storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions, and panel systems and other related products.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “HNI”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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